Court Grants Bail to Ex-CEO in Bank Fraud Case
Abhimany Bhoan, former CEO of New India Co-operative Bank, was granted pre-arrest bail amid charges of cheating and breach of trust. A court found no initial evidence of Bhoan's involvement in the alleged Rs 18.56 crore loss due to a bank settlement with the Percept Group of Companies.
- Country:
- India
The Additional Sessions Court has granted pre-arrest bail to Abhimany Bhoan, the former CEO of New India Co-operative Bank Ltd, on charges of cheating and breach of trust. The decision came after the court found no prima facie evidence of his involvement in the alleged financial misdeeds.
Bhoan's case stems from allegations that he and other bank officers accepted a one-time settlement offer from Percept Group of Companies, causing the bank a loss of Rs 18.56 crore. Despite receiving Rs 6.37 crore personally through the settlement, Bhoan's advocate argued that his appointment as CEO occurred after the transaction.
The prosecution has faced scrutiny, as the court noted that investigators have not sought Bhoan's custodial interrogation. The ongoing investigation follows a larger financial scandal within the bank involving an alleged Rs 122 crore embezzlement.
(With inputs from agencies.)
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